MPs are today continuing their investigation into credit cards as they grill leading figures in the lending industry.

The Commons Treasury select committee is pressing the chief executives of Barclaycard and the Nationwide to justify their borrowing rates and punishing clauses.

Representatives from the Association of Payment Clearing Services will also be asked how transparent the fast growing industry is.

Committee members have become increasingly concerned at the availability of easy credit to consumers.

Consistently high interest rates have prompted the charge that card issuers are operating a cartel with little attempt made to drive down the base rate of borrowing.

On Tuesday the committee announced that it is to widen its inquiry to include store cards.

Labour member George Mudie said last week that consumers needed more protection against the temptation of these "buy now, pay later" products.

"These are outrageously ripping off consumers. How can they justify these interest rates?" he asked.

The Department of Trade and Industry is currently undertaking a review of consumer credit law to be concluded later in the year.